Eleven months on from the first round of hearings for the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry, Commissioner Hayne’s final report has been released.

Aged Care Royal CommissionSetting the tone for the Aged Care Royal Commission

Last week’s hearings for the Royal Commission into Aged Care Quality and Safety, introduced the leaders of some of Australia’s peak bodies, unions, consumer organisations and the Secretary to the Department, Glenys Beauchamp. In all 26 witnesses were called.

The 2019 Biotechnology Industry Position survey conducted by Ausbiotech and supported by Grant Thornton has revealed that new technologies across regenerative medicine and medicinal cannabis are disrupting the industry, and Australia's global strength in clinical trials continues to drive contributions to the economic and social fabric of the country.

mid-sized business reportManufacturing is critical to our economy – how can we support the sector?

Although the knock-on effects of the Australian automotive industry exiting our country are yet to be fully understood, the industry is evolving, and manufacturing continues to be a major employer and critical to our overall economy.

There is a lot of noise around the property sector at the moment – and it’s not all positive. Prices are down – but this shouldn’t be a surprise when some markets (namely Sydney & Melbourne) saw unprecedented hikes in recent years.

Victorian State Budget 2014-2015

The Victorian State Government handed down its Budget on 6 May 2014.

Overall, Victoria appears to be in a very healthy position. The headline items from the State Budget are:

an expected operating surplus of $1.3 billion in 2014-15, continuing over the next few years

the economy is expected to grow by 2.5 % in 2014-15, rising to 2.75 % in the medium term

net debt of 6.3 % of Gross State Product in 2014-15 to fall to 4.5 % by the end of the forward estimates

the unemployment rate is expected to ease to 5.5 % over the forward estimates period

Major announcements Major announcements from State Budget included:

transformational investment of up to $27 billion in new infrastructure to better integrate Victoria’s rail and road network, and social infrastructure. Key projects of this investment include:

Melbourne Rail Link (incorporating the Airport Rail Link) = $8.5 to $11 billionCranbourne – Pakenham Rail Corridor Project that will boost capacity by 30 % and remove four level crossings and plan the removal of a further five = $2 to $2.5 billionEast West Link – Western Section providing an alternate route to the West Gate Bridge - $8 to $10 billionthe CityLink – Tulla widening project in partnership with the private sector = $850 million

$1.2 billion per year to vocational education and training to enable workers to take advantage of new opportunities in the economy

an additional $2.8 billion to schools over five years, including $564 million to both government and non-government schools to improve student outcomes

an additional $1.4 billion to hospitals and the health system over four years, including $60 million to boost health service capacity in 2014-2015 over the winter peak

Social responsibility

$86 million to reform the adult parole system to ensure community safety

$49.5 million to be spent on new equipment for Victorian Fire Services, including the replacement of all respiratory protection equipment and the purchase of 78 new CFA vehicles

$29.5 million over four years for child protection services to assist vulnerable families

$13.4 million for the prevention of domestic and other forms of violence

State taxes

The payroll tax rate of 4.90% will decrease to 4.85% from 1 July 2014

The motor vehicle transfer duty rate will increase by $0.40 per $200 (or part thereof) of the dutiable value of vehicles transferred on or after 1 July 2014 and before 1 July 2015

Stamp Duty on life insurance policies will be abolished from 1 July 2014